Oil spill fallout is restriction of 2010 charitable giving resurgence

 

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Editor -  The gulf states are beginning to feel the economic effects of the spill ,” said Rob Mitchell, CEO of Philanthromax, the company which owns PhilanthroDEX, and the former President of the American Cancer Society Foundation, pointing to what is now being seen as oil spill fallout restrictions on charitable giving.

Charities need to be aggressive in pursuing claims against BP for lost income, and the quantification of the spill’s impact on giving is the critical first step in that process,” said Stephen Nill, Founder and CEO of CharityChannel.com.  

According to PhilanthroDEX, an online charitable giving index and forecasting service, the loss of charitable gifts will be $200 to $300 million in 2010 and as much as $600 million in 2011. However,   they also point out the total effect on giving will depend on the number of states directly impacted by the oil spill and its subsequent ripple effect on the U.S. economy. 

“Charities need to be aggressive in pursuing claims against BP for lost income, and the quantification of the spill’s impact on giving is the critical first step in that process,” said Stephen Nill, Founder and CEO of CharityChannel.com.